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  1. Jupiter Wagons rallies nearly 10% on bagging ₹957-crore contract

Jupiter Wagons rallies nearly 10% on bagging ₹957-crore contract

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2 min read • Updated: March 7, 2024, 12:16 PM

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Jupiter Wagons has received the order to manufacture and supply 2,237 BOSM wagons. Current orderbook of Jupiter wagons is ₹7076 crore as of December quarter.

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The company received orders for 2200 wagons

Shares of Kolkata-based Jupiter Wagons Ltd climbed nearly 10% in morning trade on Thursday after the company bagged a new contract worth ₹957 crore from the railway ministry. Jupiter Wagons announced late on Wednesday said that it has received an offer to manufacture and supply 2,237 BOSM wagons for a contract value of ₹956.87 crore.

With this order the total order book for the company stands at nearly ₹8000 crore.

After the announcement, the Jupiter Wagons stock climbed as much as 9.9% in the opening trade on Thursday to hit a high of ₹398 on NSE. At 9:33 am, the stock was trading 6.24% higher at ₹384.65 apiece.

Notably, Jupiter Wagons has proven to be a multibagger on the back of solid earnings, with its share price rising a whopping 276% in the last one year and a massive 626% in less than two years of its listing in June 2022.

The stock had hit its all-time high of ₹433.95 on 23 January, 2024. In February, it had announced an 82% jump in its net profit to ₹81.5 crore for the December quarter compared with the year-ago period.

Revenue from operations had risen to ₹895 crore during the quarter compared with ₹879 crore a year ago.

Before that, in December 2023, the company had raised ₹403 crore through a qualified institutional placement (QIP).

Fund houses such as Tata Mutual Fund, Societe Generale, Bandhan Mutual Fund, HSBC Mutual Fund, Morgan Stanley and ITI Mutual Fund had invested in the company.

Jupiter Wagons had said that the funds raised would be deployed towards expanding capacity, pursuing backward integration (including through inorganic initiatives) and for scaling up emerging business verticals.

Jupiter Wagons is a mobility solutions provider that specialises in the production of railway freight wagons, passenger coaches, wagon components, cast manganese steel crossings and castings.